Bitcoin Technical Analysis: BTC/USD pennant pattern breakout targets $10,000
|- Bitcoin price consolidation between $9,000 and $9,600 to continue in the short term.
- The short term trend remains relatively bearish and likely to retest $9,200 support.
Spot rate: $9,291
Relative change: -28
Percentage change: -0.3%
Volatility: Expanding
Trend: Bearish
BTC daily chart
The impressive price action last week and the consolidation afterward formed a pennant pattern.
A breakout towards $10,000 is expected to complete the formation of the pattern in the short-run.
BTC/USD 4-hour chart
The 50 SMA is standing in line to offer immediate support for the ongoing retreat towards $9,200.
Glancing upwards correction past a triangle pattern resistance could boost BTC/USD above the $9,750 supply zone resistance.
BTC/USD 1-hour chart
$9,000 level has come up as a key support area amid the consolidation phase.
The 50 SMA and the 100 SMA collaborate to offer the much-needed power to defend $9,200 support.
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